Mubasher: Initial estimates by the University of Michigan indicated that the US consumer confidence surged to its highest level in 15 years in the first half of May.

The consumer sentiment index climbed to 102.4 points in early May, compared with 97.2 in April, a survey report by Michigan University said on Friday.

“Consumers viewed prospects for the overall economy much more favorably, with the economic outlook for the near and longer term reaching their highest levels since 2004,” survey senior economist Richard Curtin said.

Assessment of current economic conditions barely saw a change, with the gauge ticking up to 112.4 points month-on-month in May, while it inched up by 0.5% from the reading for the same month last year.

Expectation index jumped by 9.8% to 96 points in early May from the previous month, marking its highest level since 2004, while recording a 7.7% year-on-year leap.

“The gains were recorded mostly before the trade negotiations with China collapsed and China responded with their own tariffs,” Curtin added.

By 2:03 pm GMT, the US dollar index edged up by 0.0% to 97.92.